SEB Asset Selection Fund
Fact sheet as of 25 April, 2024
Past performance does not guarantee future performance. The value of investment funds and other financial instruments may rise as well as fall and there is no guarantee you will recover your original investment. Key Information Document and prospectuses are available on www.sebgroup.lu/funds.
INVESTMENT TEAM
The fund is managed by our Quantitative Strategies and Liquid Alternatives team with Otto Francke and Mikael Nilsson as the lead portfolio managers. The team, based in Stockholm, has extensive experience of systematic strategies.
risk measures 1
| Standard Deviation (Fund) | 13.1 |
|---|---|
| Standard Deviation (Index) | - |
| Tracking error | - |
| Sharpe Ratio | 0.50 |
| Information Ratio | - |
| Alpha | - |
| Beta | - |
Other information
As of 2 November 2016, the fund´s Management company is SEB Investment Management AB. SEB works actively with sustainability and follows the UN Principles for Responsible Investments. Read more at www.sebgroup.com
SEB Asset Selection Fund, 25 April 2024
Investment comment
- Positive stock markets despite uncertain timing of interest rate cuts and increased geopolitical concerns
- Long equity positions favorable for the fund
- Continued signals for long USD and equities, more mixed in interest rates
Market Update
The world's broad stock markets saw positive developments during the month, with some countries excluded, and bond yields were unchanged or slightly lower. Inflation numbers in the United States remained high, and private consumption and the labor market showed no signs of slowing down. The Bank of Japan raised interest rates after a continued rise in inflation and large pay increases. Despite small steps towards normalized monetary policy, the yen weakened, mainly against the USD. China delivered new, rather ambitious, growth targets for the year despite no sustained signs of recovery so far. Statements from the US Federal Reserve towards the end of the month gave clear signals that interest rate cuts are on hold a while longer. The ECB kept its key interest rate unchanged, however with a lowered inflation forecast, paving the way for future cuts. Despite a clear reassessment of the pace of interest rate cuts by several central banks, led by the Fed, stock markets maintained a positive tone during the period. Terrorist attacks in Moscow further contributed to the already tense geopolitical situation but did not result in any major market movements. After losing ground at the beginning of the month, the USD strengthened slightly against most other currencies.
Fund update
During the month, the fund was up about 3.3% with a positive contribution, also this month, mainly from the equity side. The single largest contribution came from long positions in the EuroStoxx50 and S&P500 followed by our short JPY against the USD. Long positions in Japanese stock indices as well as Italian government bond also made positive contributions.
Strategy going forward
Trend signals for equities and currencies have been stable during the period, generally indicating long stocks and long USD with the exception of GBP and FTSE100 where the signals have been more dynamic. On the fixed income side, we have a more nuanced picture and are generally short US and Australian government bonds, while we are long in Europe and Japan.
Key Facts
| Year of launch | 2006 |
|---|---|
| Value at launch (EUR) | 10.00 |
| Fund Management Company | SEB Investment Management AB |
| SRI scale 1-7 | 4 |
| ISIN | LU0256624742 |
| Base Currency | EUR |
| Share Class | C (EUR) |
| Legal Structure | UCITS |
| Morningstar rating | |
| Turnover Ratio | 2.301 |
| Use of derivatives | Yes2 |
Dividend
Non-distributing share class
Fund costs
More information
Welcome to contact your financial advisor for more information or visit www.sebgroup.lu.
Important information
This material is prepared by SEB and contains general information regarding financial instruments marketed, sold or solicited by SEB. SEB is the global brand name for Skandinaviska Enskilda Banken AB (publ), its subsidiaries and affiliated companies. Neither this material nor the products described in it are intended for distribution or sale in the United States or to US persons, and any such distribution is not allowed. The offering of shares or units in the funds may also be restricted in other jurisdictions. This document may not be used to make an offer or solicitation with respect to the sale of shares or units where such an offer or solicitation is unlawful. Although the information in this material is based on sources deemed by SEB to be reliable, SEB assumes no liability whatsoever for incorrect or missing information or for any loss, damage or claim arising from the use of this material. Past performance does not guarantee future performance. The value of investment funds and other financial instruments may rise as well as fall and there is no guarantee you will recover your original investment. If you or a fund invests in financial instruments denominated in a foreign currency, changes in currency exchange rates can affect the return on the investment. SEB makes no representation that funds whose share or unit classes aim at hedging the fund’s return from changes in currency exchange rates will succeed in achieving this. Any tax information in this material is based on regulations valid as per the date of this presentation and may be subject to change. Note that any tax information in this material is general. Kindly contact your SEB investment advisor for tax and investment advice appropriate for your situation. You are fully and solely responsible for your investment decision. This material is not intended for or suitable as the sole basis for investment decisions. Instead, you should base your decision on the information in the fund’s product documentation, including its fact sheet, Key Information Document, fund regulations and prospectus. These are available on www.sebgroup.lu/funds. Friday, April 26, 2024 1:07:41 PM